Going Strong 20 Million
Obamacare enrollment breaks record for third consecutive year.
20 Million
Obamacare enrollment for 2024 ACA plans has reached a record for the third consecutive year, according to the latest update from the Centers for Medicare and Medicaid Services (CMS).
Who is signing up?
So far this year, more than 20 million people have signed up for plans. This exceeds 2023’s enrollment — 16.3 million — by roughly 4 million people.
♦ The deadline to sign up for plans is 5 a.m. Eastern on Jan. 17, with coverage that begins in February.
“The Affordable Care Act is more popular than ever,” President Biden said.
Experts say that the record number of sign-ups has been largely attributable to increased federal subsidies for those purchasing plans on the marketplaces.
The subsidies have been very helpful for not just lower income Americans but also for upper and middle-income families.
• The subsidies, which increased at every level of income, were renewed through 2025.
• Another factor is, some of those signing up on the marketplaces are families that lost Medicaid coverage after the COVID emergency ended.
States can now kick people off Medicaid, forcing millions of people to hunt for insurance. Obamacare plans are filling some of that need.
• More insurers than ever are also participating in the marketplace, providing customers with a wider variety of plans to choose from.
On the downside, with increased subsidies insurers have been able to fatten their profits considerably without enrollees experiencing hefty premium increases.
That could come to an end after the elections in 2024. In 2025, congress will need to renew the increased subsidies. There will certainly be resistance from the GOP.
• Former President Donald J. Trump, the front-runner for the Republican presidential nomination, has threatened an overhaul of the Affordable Care Act.
Gov. Roy Cooper of North Carolina, a Democrat, issued a dire warning.
“Donald Trump and G.O.P. extremists continue to try and rip away health care from millions of Americans without any serious alternative,” Mr. Cooper said.
“If this country lets Donald Trump anywhere near decision making on health care, it would be a disaster for millions of people,” he said.
